Marketing firm predicts lower holiday spending

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A national marketing firm has released the results of a consumer servey it conducted regarding the upcoming holiday spending season. The verdict? About four out of five (82 percent) consumers surveyed plan to overhaul their shopping behavior through spending less, comparison shopping and looking for discounts.

SteelHouse, the firm that conducted the survey, found that half of consumers will comparison shop more than they have in years past, while about 30 percent will browse more online for deals. About 62 percent of those surveyed plan to spend less overall.

“It’s clear that shoppers this holiday season aren’t going to buy unless presented with a compelling offer,” said Mark Douglas, SteelHouse CEO. “The challenge for retailers is figuring out the right deal for every shopper since the same offer isn’t going to work for everyone. The winners this holiday season will be those retailers who tailor their offers to shoppers while they’re still shopping, before they move on and see a competitor offer.”

SteelHouse also found that those who earn $75,000 or more annually will continue to spend roughly the same amount of money as in years past, but they will look for things like deals, discounts, free shipping and coupons.

The survey also finds that women are twice as likely as men to use social media to find deals. Other findings about women, from the report:

• Women are more likely to increase comparison shopping (54 percent versus 45 percent, respectively).
• Women are more likely to demand a discount or free shipping (36 percent versus 26 percent).
• Women are more likely to spend more time browsing online instead of the mall (31 percent versus 25 percent).
• The exception is coupons: men are more likely than women to say they’ll use coupons for the first time (12 percent, versus 9 percent of women).

Posted by Cynthia Furey